Tech Talk for Thursday February 20th 2020

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Pre-opening Comments for Thursday February 20th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening comments.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the February Philly Fed Index was a drop to 12.0 from 17.0 in January. Actual was an increase to 39.7. Consensus for Weekly Jobless Claims was an increase to 210,000 from revised 206,000 last week. Actual was 210,000.

IMAX gained $0.64 to $17.74 after reporting higher than consensus fourth quarter revenues and earnings.

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E-trade jumped $9.07 to $54.00 prior to a trading halt. Morgan Stanley has offered to acquire the company in an all-stock $13 billion deal.

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Loblaw Companies (L $71.09) is expected to open lower after reporting less than consensus fourth quarter earnings.

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Newmont Mining (NEM $46.17) is expected to open higher after reporting higher than consensus fourth quarter revenues and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/19/stock-market-outlook-for-february-20-2020/

Note seasonality charts on the U.S. Dollar Index, 7-10 year Treasury Bond iShares, Canadian Corporate Bond iShares and U.S. Housing Starts.

StockTwits released yesterday @EquityClock

Analog Devices $ADI, a NASDAQ 100 stock moved above $123.58 to an all-time high extending an intermediate uptrend. The company increased its dividend by 15%.

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Junior Gold ETF $GDXJ moved above $43.23 extending an intermediate uptrend.

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Bausch Health $BHC.CA, a TSX 60 stock moved below $36.70 on disappointing fourth quarter results setting an intermediate downtrend.

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AMEX Biotech ETF $FBT moved above $154.57 extending an intermediate uptrend.

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Silver and silver stocks continue to soar. Nice breakout by Pan American Silver! $PAAS

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Editor’s Note: Strength in silver stocks was prompted by a breakout by the Silver ETN: (SLV) above $17.21

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TSX Gold iShares $XGD.CA moved above $16.97 extending an intermediate uptrend.

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Kinross Gold $K.CA, a TSX 60 stock moved above $7.24 extending an intermediate uptrend.

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IDEXX Labs $IDXX, a NASDAQ 100 Index moved above $294.57 to an all-time high extending an intermediate uptrend.

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Intuitive Surgical $ISRG, a NASDAQ 100 stock moved above $616.56 to an all-time high extending an intermediate uptrend.

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Gildan Activewear $GIL.CA, a TSX 60 stock moved below $36.48 setting an intermediate downtrend

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Mid-cap 400 SPDRs $MDY moved above $383.41 to an all-time high extending an intermediate uptrend

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 19th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 19th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 19th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Greg Schnell’s “Market Buzz”

Greg focuses on 5G, Oil Services and Agriculture stocks. Following is a link:

https://www.youtube.com/watch?v=H8G-o5914xo&feature=youtu.be

 

S&P 500 Momentum Barometer

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The Barometer added 2.00 to 63.93 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 0.30 to 64.35 yesterday. It remains intermediate overbought.

 

Disclaimer: Seasonality and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed

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6 Responses to “Tech Talk for Thursday February 20th 2020”

  1. Bruce Says:

    The aaii this week has the bulls still at 40.6% down 0.8 and the bears up 2.3 to 28.7% …..not too pursusive either way….

  2. Paula Says:

    Bruce,
    I wonder what you do with this weekly sentiment numbers. Do you use them as an input to decision making or does it just form your opinion on where the market is going?

    I am not an expert on this but I think SKEW can be used in a more quantitative way to determine the sentiment and probability of up or down moves in the SPX (or OEX actually). Here is a chart (daily) that I tried to put together from something seen on another site. In other words, I copied it. I believe someone once asked Ron/BC about SKEW and he created a chart as well. It is a weekly chart, see below. There is of course a ton on information on this subject if you google it, including YouTube videos.

    Here is a definition: Stocks tend to have a “smirk”, where the OTM puts have much higher implied volatilities (relative to the ATM Ivol. The OTM calls trade at lower implied volatilities (relative to the ATM Ivol). This is due to the fear-greed of market players. Fear in stocks is when they go down.

    http://schrts.co/dhPYuxkP

    http://schrts.co/PuAqWeQD

  3. Larry/ON Says:

    Major profit-taking going on. I would be neither a seller nor a buyer at this point. I am guessing this may be a two day event with a further drop tomorrow and buyers stepping in on the SP500 around 3300 and QQQ holding around the 20dayMA.

  4. Larry/ON Says:

    TSLA – Forming a perfect ascending triangle ready to pop above $1000. Down today. I don’t think I have the nerve to hold onto that stock.

  5. Bruce Says:

    Ana
    I just like to get a read on sentiment from Jon’s daily put call ratio, the cnn fear greed index, Keith Richards index and the aaii when it reaches extremes……when I add them all up I may then make a decision to buy or sell……right now I m fairly flat except for some bottom fishing last week in Wcp and cpg which are seasonally attractive……..we re in l.a. For 6 weeks so I m staying quiet…..

  6. Larry/ON Says:

    Rosenberg Is Back And He Is Crying Wolf Again – He also has his “Rosenberg Recession Definition” no joke

    https://www.bnnbloomberg.ca/coronavirus-impact-will-bite-us-pretty-hard-rosenberg-1.1393236

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